The company ArcelorMittal withdraws all of its funds from Belgium to Luxembourg
Since 2013 the Belgian Government intends to impose a so-called «tax fairness» or «minimum tax» on large corporations in Belgium, one of which is the steel giant ArcelorMittal. In order to ensure the fairness of the tax and to ensure that everyone in Belgium does contribute according to their means, the government plans to charge a minimal fee for businesses that does not pay taxes but distributes dividends. In this regard, ArcelorMittal has decided to convert all of its funds (38 billion Euros) from Belgium to Luxembourg, according to the Belgian newspaper «Le Soir».
The Financial Supervisory Commission (CSSF) yesterday released its statistics on collective investment and specialized investment funds of 31 May 2013. Their total net assets amounted to 2.584 billion Euros then against 2.565 billion Euros a month before, an increase of 0.73% for a month and 16.82% for a year.